YEIDA is launching a project with 19 housing plots near Noida Airport, in Sectors 17, 18, and 22D. The project aims to meet housing demand driven by Noida International Airport and regional industrial development, creating at least 25,000 flats across affordable to luxury units. Plot prices range from INR 32,375 to INR 35,612 per square metre. CEO Arun Vir Singh expects increased housing demand from new industrial projects, with plans for 30 more group housing plots. CREDAI NCR leaders highlight the project's potential to balance supply-demand disparities and attract diverse buyers due to the new industrial corridor.
The Yamuna Expressway Industrial Development Authority (YEIDA) is gearing up for a new project that will provide 19 housing plots near the Noida Airport. The size of the plots range between 2.8 acres to 12 acres, and are going to be located in Sectors 17, 18, and 22D. The aim of the project is to meet the rise in demand that will be supplemented by Noida International Airport and the upcoming industrial development within that region.
This initiative is expected to create a minimum of 25,000 flats, and will cover different units from affordable to luxury housing. The reserve prices are fixed between INR 32,375 and INR 35,612 per square metre and are going to be allotted through an e-auction.
In Sector 22D, there are eight plots available in four different sizes. Four plots are 20,235 square metres each, two plots are 47,754 square metres each, one plot is 45,731 square metres, and one plot is 48,564 square metres. The prices for these plots range from INR 65.51 crore to INR 173 crore. Meanwhile in Sector 18, there are six plots available, each measuring 16,188 square metres. Five of these plots are priced at INR 55 crore, and the last one is priced a bit higher at INR 58 crore.
There are five plots available in Sector 17, which includes two plots of 11,513 sqm each, one plot of 12,141 square metres, another plot of 20,235 square metres, and the final plot which comes to be the largest at 24,282 square metres. The reserved prices for these plots are set between INR 37 crore to INR 78 crore.
In sum, the total area covered by all 19 plots is around 4.3 lakh square metres, and the average reserved prices comes to around INR 1,407 crore.
Arun Vir Singh, CEO of YEIDA, stated that they expect a big increase in housing demand because of new industrial development in the area. Workers at factories, data centres, Noida International Airport, Film City, and all other major projects will need places to live and other facilities. YEIDA plans to offer at least 30 more group housing plots in the future. Developers are applauding this initiative, seeing great potential for housing development in these areas.
Manoj Gaur, president of the Confederation of Real Estate Developers Association of India (CREDAI) NCR, pointed out the large disparity between supply and demand due to the shortage of land in Noida and Greater Noida. The aim of the housing project is to meet this gap between supply and demand. He mentioned that investors were initially only interested in purchasing land next to the Yamuna Expressway, but with the rise of industrial projects in the city, there is a growing demand now.
Gaur highlighted that the development might not have a big impact on current flat prices because the demand for 2-bedroom flats (affordable housing) is low right now, as people prefer larger flats after Covid. He also said that prices might drop a little because so many plots are becoming available.
The general secretary of CREDAI NCR, Gaurav Gupta, said that since the Noida Airport is now happening, it's a good time to start these new projects. This will let developers concentrate on the area. The new industries, corporate offices, and other developments will naturally lead to more demand for homes. He supports this initiative because it will keep prices competitive and give homebuyers more choices.
Director of County Group Amit Modi, said that the new industrial corridor being developed will have an even bigger impact than the airport. It will attract many different kinds of people and will provide housing for both affordable and luxury markets. As people move to the area, there will be a large demand for real estate. In the past, YEIDA gave two group housing plots in Sector 22D to Purvanchal Projects and Eldeco Infrastructure and Properties, earning almost INR 250 crore in revenue.
Advertisement
Facebook
Whatsapp
